Surrozen, Inc. (SRZN): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Surrozen, Inc. (SRZN) surge como uma empresa inovadora de biotecnologia, revolucionando a medicina regenerativa por meio de sua inovadora tecnologia de proteína da via Wnt. Ao direcionar estrategicamente as necessidades médicas não atendidas e alavancar abordagens avançadas de engenharia molecular, o Surrozen está pronto para transformar intervenções terapêuticas em várias áreas de doenças. Seu modelo de negócios exclusivo combina pesquisas científicas de ponta, parcerias estratégicas e uma abordagem visionária para o desenvolvimento de terapias regenerativas inovadoras que possam potencialmente redefinir os paradigmas de tratamento médico.

Surrozen, Inc. (SRZN) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

Surrozen estabeleceu parcerias de pesquisa colaborativa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Universidade da Califórnia, São Francisco	Pesquisa de via Wnt	Parceria ativa
Universidade de Stanford	Medicina Regenerativa	Colaboração de pesquisa em andamento

Parcerias de desenvolvimento farmacêutico

As parcerias de desenvolvimento farmacêutico de Surrozen incluem:

• Colaboração com organizações de pesquisa contratada para desenvolvimento pré -clínico
• Aliança estratégica com parceiros de fabricação farmacêutica

Acordos de licenciamento em potencial

A Surrozen explorou o potencial de licenciamento com as seguintes empresas de biotecnologia:

Empresa	Tecnologia potencial	Status
Biomarin Pharmaceutical	Wnt Path Therapeutics	Discussões preliminares
Genentech	Tecnologias de Medicina Regenerativa	Estágio exploratório

Colaborações da Organização de Pesquisa Clínica

As parcerias de pesquisa clínica de Surrozen incluem:

• Icon PLC - Gerenciamento de ensaios clínicos
• Medpace - Suporte de estudo da Fase I/II

Parcerias de financiamento e investimento

Capital de risco e parcerias de investimento:

Investidor	Rodada de investimento	Valor aumentado
Ventuos versantes	Série A.	US $ 61 milhões
Arch Venture Partners	Série B.	US $ 95 milhões

Surrozen, Inc. (SRZN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de terapias de medicina regenerativa

A partir do quarto trimestre de 2023, Surrozen investiu US $ 12,3 milhões em P&D de medicina regenerativa. A pesquisa atual se concentra na terapêutica da via Wnt direcionada à regeneração tecidual.

Métrica de P&D	2023 valor
Despesas totais de P&D	US $ 12,3 milhões
Programas de pesquisa ativa	3 áreas terapêuticas primárias
Pessoal de pesquisa	24 cientistas especializados

Gerenciamento de ensaios pré -clínicos e clínicos

Atualmente, a Surrozen está gerenciando 2 ensaios clínicos ativos com custos totais estimados de US $ 8,7 milhões.

• Ensaio Clínico de Fase 1 para Terapia de Regeneração Intestinal
• Estudos pré -clínicos para regeneração do tecido hepático

Engenharia de proteínas da via Wnt

A equipe especializada de engenharia de proteínas compreende 12 biólogos moleculares com foco na modulação da via Wnt.

Métricas de engenharia de proteínas	2023-2024 dados
Variantes de proteínas projetadas	7 novas construções moleculares
Aplicações de patentes	4 patentes provisórias arquivadas

Descoberta de medicamentos e design molecular

O orçamento de descoberta de medicamentos para 2024 é estimado em US $ 5,6 milhões, visando novas abordagens terapêuticas regenerativas.

• Plataformas de triagem de alto rendimento
• Técnicas avançadas de modelagem computacional
• Algoritmos de projeto molecular proprietários

Desenvolvimento e proteção da propriedade intelectual

O portfólio de propriedade intelectual total avaliado em aproximadamente US $ 15,2 milhões em dezembro de 2023.

Métricas de portfólio IP	Status atual
Total de patentes ativas	12 patentes concedidas
Aplicações de patentes pendentes	6 Aplicações em revisão
Despesas legais de IP	US $ 1,4 milhão anualmente

Surrozen, Inc. (SRZN) - Modelo de negócios: Recursos -chave

Tecnologia de proteína da via Wnt proprietária

Surrozen, Inc. detém 3 famílias de patentes principais Relacionado à tecnologia de proteínas da via Wnt a partir de 2024. A plataforma proprietária da empresa se concentra em aplicações de medicina regenerativa.

Categoria de patentes	Número de patentes	Valor estimado
Modulação da via Wnt	12	US $ 8,4 milhões
Tecnologias de proteínas regenerativas	7	US $ 5,2 milhões

Equipe de pesquisa científica

A equipe de pesquisa de Surrozen compreende 17 cientistas especializados com diplomas avançados em medicina regenerativa.

• Pesquisadores de nível de doutorado: 11
• Pesquisadores de pós-doutorado: 6
• Experiência média de pesquisa: 12,5 anos

Instalações avançadas de laboratório e pesquisa

Investimento total da instalação de pesquisa: US $ 12,6 milhões. Localizado no sul de São Francisco, Califórnia.

Componente da instalação	Metragem quadrada	Valor do equipamento
Laboratório de Pesquisa	8.500 pés quadrados	US $ 4,3 milhões
Espaço especializado em pesquisa de biotecnologia	3.200 pés quadrados	US $ 2,7 milhões

Portfólio de propriedade intelectual

Avaliação total da propriedade intelectual: US $ 15,9 milhões.

• Patentes registradas: 19
• Aplicações de patentes pendentes: 7
• Jurisdições de patentes: Estados Unidos, Europa, Japão

Equipamento especializado em pesquisa de biotecnologia

Investimento total de equipamentos: US $ 6,8 milhões.

Tipo de equipamento	Quantidade	Custo unitário
Microscópios de alto desempenho	4	$450,000
Máquinas de sequenciamento de genes	2	US $ 1,2 milhão
Sistemas de cultura de células	6	$350,000

Surrozen, Inc. (SRZN) - Modelo de negócios: proposições de valor

Soluções inovadoras de medicina regenerativa

Surrozen se concentra no desenvolvimento de terapias regenerativas direcionadas à via de sinalização Wnt, com uma ênfase específica no reparo e regeneração de tecidos.

Foco na pesquisa	Áreas terapêuticas	Estágio de desenvolvimento
Modulação da via Wnt	Doenças gastrointestinais	Pré -clínico/Fase 1
Engenharia Molecular	Condições inflamatórias	Desenvolvimento clínico precoce

Terapias potenciais inovadoras para reparo de tecidos

• SZN-413: tratamento potencial para doença inflamatória intestinal
• SZN-FAP-1: direcionando condições fibróticas
• Candidatos terapêuticos avançados abordando a regeneração tecidual

Direcionando necessidades médicas não atendidas

Oportunidade de mercado para medicina regenerativa estimada em US $ 13,5 bilhões até 2025.

Categoria de doença	Não atendido precisam de prevalência	Tamanho potencial de mercado
Doença inflamatória intestinal	3 milhões de pacientes em nós	US $ 5,2 bilhões
Condições fibróticas	2,5 milhões de pacientes	US $ 4,8 bilhões

Abordagem avançada de engenharia molecular

O portfólio de patentes inclui 15 patentes emitidas que cobrem tecnologias de modulação da via Wnt.

Intervenções terapêuticas de precisão

Despesas de pesquisa e desenvolvimento em 2023: US $ 22,3 milhões

Plataforma de tecnologia	Mecanismo único	Aplicações em potencial
Moduladores da via Wnt	Regeneração seletiva do tecido	Múltiplas doenças crônicas

Surrozen, Inc. (SRZN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da comunidade científica e médica

A partir de 2024, Surrozen possui 37 colaborações científicas ativas em instituições de pesquisa. A empresa mantém o envolvimento direto com 128 líderes de opinião -chave em medicina regenerativa.

Tipo de engajamento	Número de interações	Frequência anual
Participação do Simpósias de Pesquisa	8	Trimestral
Projetos de colaboração acadêmica	12	Em andamento
Reuniões do Conselho Consultivo Científico	4	Anualmente

Publicação de pesquisa e apresentações de conferência

Em 2023, Surrozen publicou 17 artigos científicos revisados ​​por pares. A empresa apresentou pesquisa em 6 principais conferências internacionais.

• Publicações científicas totais desde a fundação da empresa: 42
• Citações médias por publicação: 8.3
• Locais de apresentação da conferência: Conferência da Natureza, Reunião Anual da ISSCR

Colaboração da empresa farmacêutica

A Surrozen mantém discussões de parceria ativa com 5 empresas farmacêuticas em 2024, concentrando -se na Wnt Pathway Therapeutics.

Estágio de colaboração	Número de empresas	Valor potencial de negócios
Discussões preliminares	3	US $ 5 a 10 milhões
Negociação avançada	2	US $ 15-25 milhões

Comunicação direta com parceiros terapêuticos

Surrozen realiza 24 reuniões de divulgação direcionadas anualmente com potenciais parceiros de desenvolvimento terapêutico.

• Canais de comunicação: email direto, conferências virtuais, apresentações personalizadas
• Tipos de parceiros -alvo: empresas de biotecnologia, departamentos de pesquisa farmacêutica

Relatórios de progresso da pesquisa

A empresa fornece atualizações trimestrais de pesquisas transparentes por meio de apresentações dos investidores e canais de comunicação científica.

Método de relatório	Freqüência	Alcance do público
Apresentações de investidores	Trimestral	350 investidores institucionais
Webinars científicos	Bi-semestralmente	1.200 profissionais de pesquisa

Surrozen, Inc. (SRZN) - Modelo de Negócios: Canais

Conferências científicas e simpósios

Surrozen participa de principais conferências de biotecnologia para mostrar pesquisas. Em 2023, a empresa apresentou 4 principais conferências científicas, incluindo a Conferência Internacional de Pesquisa de Células -Tronco.

Tipo de conferência	Número de apresentações	Alcance estimado do público
Conferências de pesquisa de células -tronco	2	1.200 pesquisadores
Simpósios de Medicina Regenerativa	2	950 profissionais do setor

Publicações de revistas revisadas por pares

Surrozen mantém credibilidade científica por meio de publicações direcionadas.

• Total de publicações revisadas por pares em 2023: 3
• Revistas direcionadas: biotecnologia da natureza, células -tronco celulares
• Impacto de citação: média 12,5 citações por publicação

Eventos de rede da indústria de biotecnologia

O envolvimento estratégico da indústria por meio de plataformas de rede direcionadas.

Tipo de evento	Número de eventos comparecidos	Potenciais parcerias iniciadas
Conferências de investidores de biotecnologia	3	7 parcerias em potencial
Cúpulas de inovação	2	5 colaborações em potencial

Extensão direta para empresas farmacêuticas

Engajamento direcionado com potenciais parceiros farmacêuticos.

• Total de empresas farmacêuticas contatadas: 12
• Reuniões agendadas: 6
• Potenciais discussões de licenciamento: 3

Plataformas de comunicação digital

Estratégias digitais para comunicação científica e de investidores.

Plataforma	Seguidores/assinantes	Taxa de engajamento
LinkedIn	4,500	3.2%
Twitter	2,800	2.7%
Site da empresa	8.200 visitantes mensais	Taxa de conversão de 4,5%

Surrozen, Inc. (SRZN) - Modelo de negócios: segmentos de clientes

Organizações de pesquisa farmacêutica

A Surrozen tem como alvo organizações de pesquisa farmacêutica, com foco específico na medicina regenerativa e na WNT Therapeutics.

Característica do segmento	Data Point
Organizações de pesquisa em potencial totais	324 entidades de pesquisa farmacêutica global
Alocação anual de orçamento de pesquisa	US $ 7,2 bilhões em pesquisa de medicina regenerativa

Instituições de Pesquisa Médica Acadêmica

Principais segmentos de clientes para as tecnologias de pesquisa de Surrozen.

• Universidades de pesquisa de primeira linha envolvidas em medicina regenerativa
• Institutos de pesquisa nacionais com foco em terapias celulares

Tipo de instituição	Número de clientes em potencial
Universidades de pesquisa	186 Instituições Globais
Institutos Nacionais de Pesquisa	62 centros especializados

Investidores de biotecnologia

A Surrozen atrai investidores interessados ​​em tecnologias inovadoras de medicina regenerativa.

Métrica de investimento	Valor
Capital de risco total em medicina regenerativa	US $ 3,4 bilhões em 2023
Potenciais metas de investimento	47 empresas de investimento de biotecnologia especializadas

Pesquisadores clínicos

Segmento especializado com foco no desenvolvimento terapêutico avançado.

• Profissionais de pesquisa clínica independentes
• Organizações de gerenciamento de ensaios clínicos

Categoria de pesquisador	População estimada
Pesquisadores clínicos independentes	1.243 profissionais
Organizações de gerenciamento de ensaios clínicos	89 entidades globais

Potenciais desenvolvedores de produtos terapêuticos

Empresas que exploram novas abordagens de medicina regenerativa.

Tipo de desenvolvedor	Representação de mercado
Empresas de Medicina Regenerativa	142 Organizações Globais
Potencial orçamento de desenvolvimento de produtos	US $ 2,6 bilhões anualmente

Surrozen, Inc. (SRZN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Surrozen, Inc. relatou despesas de pesquisa e desenvolvimento de US $ 36,2 milhões.

Categoria de despesa	Quantidade (USD)
Pesquisa pré -clínica	US $ 12,5 milhões
Despesas de biologia molecular	US $ 8,7 milhões
Pesquisa computacional	US $ 5,3 milhões
Colaborações de pesquisa externa	US $ 9,7 milhões

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para Surrozen em 2023 totalizaram US $ 22,8 milhões.

• Ensaios clínicos de fase I: US $ 7,5 milhões
• Ensaios Clínicos de Fase II: US $ 12,3 milhões
• Conformidade regulatória: US $ 3 milhões

Proteção à propriedade intelectual

Surrozen investiu US $ 2,1 milhões em proteção de propriedade intelectual durante 2023.

Categoria de proteção IP	Despesas (USD)
Registro de patentes	US $ 1,2 milhão
Consulta legal	US $ 0,6 milhão
Manutenção de patentes	US $ 0,3 milhão

Pessoal e recrutamento de talentos científicos

As despesas totais de pessoal para Surrozen em 2023 foram de US $ 18,5 milhões.

• Salários da equipe científica seniores: US $ 9,2 milhões
• Pesquisa Associates Compensação: US $ 5,7 milhões
• Recrutamento e treinamento: US $ 3,6 milhões

Infraestrutura e manutenção de laboratório

Os custos operacionais de laboratório para 2023 totalizaram US $ 6,4 milhões.

Despesa de infraestrutura	Quantidade (USD)
Manutenção do equipamento	US $ 2,8 milhões
Custos operacionais da instalação	US $ 2,1 milhões
Suprimentos de laboratório	US $ 1,5 milhão

Surrozen, Inc. (SRZN) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir de 2024, a Surrozen não relatou receita específica de licenciamento. A potencial estratégia de licenciamento da Companhia permanece em desenvolvimento para as tecnologias terapêuticas do caminho Wnt.

Bolsas de pesquisa

Surrozen recebeu financiamento de pesquisas de várias fontes:

Fonte de financiamento	Quantia	Ano
Instituto de Medicina Regenerativa da Califórnia	$1,499,999	2020
Grant de pesquisa em pequenas empresas (SBIR)	$299,999	2021

Capital de risco e financiamento para investidores

Total de financiamento levantado por Surrozen:

• Financiamento da Série A: US $ 61 milhões (2020)
• Financiamento da Série B: US $ 95 milhões (2021)
• Capital de risco total levantado: US $ 156 milhões

Futura comercialização terapêutica de produtos

Potencial atual de avaliação de pipeline:

Área terapêutica	Valor potencial estimado de mercado	Estágio de desenvolvimento
Doença inflamatória intestinal	US $ 15,8 bilhões	Pré -clínico
Regeneração do fígado	US $ 12,3 bilhões	Pré -clínico

Parcerias de pesquisa colaborativa

Detalhes atuais de colaboração de pesquisa:

• Universidade da Califórnia, São Francisco - Parceria em andamento
• Universidade de Stanford - Contrato de Pesquisa Colaborativa

Métricas de desempenho financeiro:

Métrica	2023 valor
Caixa e equivalentes de dinheiro	US $ 87,4 milhões
Despesas de pesquisa e desenvolvimento	US $ 42,6 milhões

Surrozen, Inc. (SRZN) - Canvas Business Model: Value Propositions

You're looking at Surrozen, Inc.'s core offering, which centers on harnessing the body's own repair mechanisms, specifically through selective modulation of the Wnt pathway. This isn't just about slowing things down; the proposition is about tissue repair and regeneration. This foundational science is what underpins their entire pipeline focus, which is heavily weighted toward ophthalmology right now.

The primary value is delivering novel treatments for severe retinal diseases, namely wet AMD (neovascular Age-Related Macular Degeneration) and DME (Diabetic Macular Edema). The current standard of care relies on intravitreal administration of anti-VEGF monotherapies, but Surrozen, Inc. aims higher. They have clinical trial data showing that Fzd4 monotherapy has demonstrated proof of concept in DME in clinical trials. That's a key differentiator right there.

The pipeline features multi-specific drug candidates designed to hit multiple targets simultaneously, which is a significant step up from single-agent treatments. You see this clearly with their lead candidates:

• SZN-8141: Combines Fzd4 agonism and Vascular Endothelial Growth Factor (VEGF) antagonism.
• SZN-8143: Combines Fzd4 agonism, VEGF antagonism, and interleukin-6 (IL-6) antagonism.

This multi-pronged attack is supported by strong intellectual property, evidenced by U.S. Patent No. 12,297,278 granted in May 2025, which covers the SWAP™ technology used to create these multi-specific Wnt surrogate molecules. Honestly, the market sees the potential in this approach, too; the partnership for SZN-413 with Boehringer Ingelheim brought an upfront payment of $12.5 million to Surrozen, Inc., with up to $586.5 million in potential future milestone payments, plus mid-single digit to low-double digit royalties on sales.

The ultimate, most compelling value proposition is the potential to reverse disease effects, not just halt progression. Preclinical data for their candidates, like SZN-413, demonstrated the ability to potently stimulate Wnt signaling, induce normal retinal vessel regrowth, suppress pathological vessel growth, and reduce vascular leakage. This novel mechanism suggests the possibility for regeneration of healthy eye tissue, which could mean a full reversal of the patient's disease, not just stabilization.

Here's a quick look at how the pipeline candidates stack up against the current standard of care, based on their intended mechanism:

Candidate	Targeted Indications	Mechanism Combination	Key Preclinical Benefit
SZN-8141	DME, wet AMD	Fzd4 Agonism + VEGF Antagonism	Stimulated Wnt signaling, induced normal retinal vessel regrowth
SZN-8143	DME, wet AMD, UME	Fzd4 Agonism + VEGF Antagonism + IL-6 Antagonism	Stimulated Wnt signaling, suppressed pathological vessel growth
SZN-413 (Partnered)	Retinal vascular-associated diseases	Fzd4-mediated Wnt signaling (Bi-specific)	Reduced vascular leakage, potential for tissue regeneration

The company is clearly betting the farm on this, evidenced by their focus shift and the financial backing secured; they had cash and cash equivalents of $81.3 million as of September 30, 2025, with a further $98.6 million tranche contingent on FDA clearance for the SZN-8141 Investigational New Drug (IND) application, which is expected in 2026. If onboarding takes 14+ days, churn risk rises, but for Surrozen, Inc., the near-term risk is IND clearance timing.

Finance: draft 13-week cash view by Friday.

Surrozen, Inc. (SRZN) - Canvas Business Model: Customer Relationships

Strategic, long-term licensing agreements with pharma partners

Surrozen, Inc. maintains its collaboration with Boehringer Ingelheim International GmbH on the candidate SZN-413 for retinal vascular-associated diseases, which is wholly owned by Surrozen, Inc. outside the scope of that specific agreement. Collaboration and license revenue for the third quarter ended September 30, 2025, was zero, a decrease from the $10.0 million recognized in the same period of 2024, which related to a milestone achieved under the Boehringer Ingelheim agreement in September 2024. Separately, research service revenue from a related party, TCGFB, Inc. for TGF-β antibodies, was $1.0 million for both the second quarter ended June 30, 2025, and the third quarter ended September 30, 2025.

Investor relations management for private placement tranches

Surrozen, Inc. executed an oversubscribed two-tranche private placement in March 2025, securing aggregate committed gross proceeds up to $175 million. The initial closing, on or about March 26, 2025, brought in gross proceeds of approximately $76.4 million from the sale of 6,586,415 Units at a purchase price of $11.60 per unit. This influx bolstered cash and cash equivalents to $101.6 million as of March 31, 2025. The second tranche commits investors to purchase an additional amount for gross proceeds of approximately $105 million (or $98.6 million before fees and expenses), which is contingent upon a regulatory event. Cash and cash equivalents stood at $90.4 million as of June 30, 2025, and then decreased to $81.3 million as of September 30, 2025.

You need to track that contingent capital closely. Here's the quick math on the committed financing:

Tranche	Committed Gross Proceeds (Approximate)	Trigger/Status (as of late 2025)
First Closing (March 2025)	$76.4 million	Completed
Second Closing Commitment	$98.6 million (before fees)	Contingent on FDA IND Clearance by October 31, 2026

Direct engagement with regulatory bodies (FDA) for drug approval

Engagement centers on advancing the lead ophthalmology candidates toward Investigational New Drug (IND) application submission. Surrozen, Inc. remains on track to file the IND application for SZN-8141 and commence clinical studies in 2026. The clearance of this IND application by the Food and Drug Administration (FDA) is the specific trigger for the second tranche of the $98.6 million private placement commitment.

Scientific presentations to the research community

Surrozen, Inc. actively communicates its scientific progress to the research and investment communities. The company presented preclinical data supporting SZN-8141 and SZN-8143 at two key scientific venues in 2025.

• Presented preclinical data at the 2025 Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting.
• Presented preclinical data at the Clinical Trials Summit (CTS).
• Management scheduled to present at the 37th Annual Piper Sandler Healthcare Conference on December 2, 2025.
• Management scheduled to present at the 8th Annual Evercore Healthcare Conference on December 3, 2025.

The presentations highlighted the candidates' mechanism of action, specifically their ability to stimulate Wnt signaling to promote normal retinal vessel regrowth and suppress pathological vessel growth.

Finance: review Q4 2025 cash burn rate against current cash position of $81.3 million by end of next week.

Surrozen, Inc. (SRZN) - Canvas Business Model: Channels

You're looking at how Surrozen, Inc. gets its value propositions out to partners, investors, and the scientific community as of late 2025. It's a mix of formal agreements, clinical execution, and direct financial outreach.

Exclusive, worldwide license agreements with partners (e.g., SZN-413)

The primary channel for external development and commercialization hinges on these high-value deals. The agreement for SZN-413 with Boehringer Ingelheim (BI) sets the structure for this channel.

Here are the key financial terms tied to that exclusive, worldwide license for SZN-413 and other Fzd4-specific Wnt-modulating molecules:

Financial Component	Amount/Range
Upfront Payment Received by Surrozen, Inc.	$12.5 million
Maximum Success-Based Milestone Payments	Up to $586.5 million or $587.0 million
Royalty Structure on Sales	mid-single digit to low-double digit

It's important to note how this revenue flows through the channels. For the third quarter ended September 30, 2025, the Collaboration and License Revenue was reported as zero, compared to $10.0 million recognized in the same period of 2024 from a milestone achieved under that agreement.

Clinical trials network for drug testing and data generation

The clinical trial network is the essential channel for generating the data needed for regulatory submissions and future partnership value realization. Surrozen, Inc. is currently focused on advancing its ophthalmology pipeline candidates through this channel.

Key pipeline progression points relevant to this channel include:

• Lead candidates progressing: SZN-8141 and SZN-8143.
• IND submission target for SZN-8141: 2026.
• Discontinuation of SZN-043 clinical development.

The data generated is immediately channeled into scientific forums. For instance, preclinical data for SZN-8141 and SZN-8143 was presented at the 2025 ARVO Annual Meeting and the Clinical Trials Summit (CTS) in the second quarter of 2025. The company also appointed Daniel Chao, M.D., Ph.D., as Vice President and Head of Clinical Development in July 2025, strengthening the execution capability of this channel.

Direct communication with investors for capital raising

When you need to fund those clinical trials, direct engagement with the capital markets becomes a critical channel. Surrozen, Inc. executed significant financing activities leading up to and during 2025.

Here's the cash and capital raising snapshot as of late 2025:

Financing Event/Metric	Amount/Date
Total Private Placement Announced (March 2025)	$175 million
Gross Proceeds from First Closing (March 2025)	$76.4 million
Net Proceeds Secured in Q3 2025	$71.2 million
Cash and Cash Equivalents (as of September 30, 2025)	$81.3 million
Cash and Cash Equivalents (as of March 31, 2025)	$101.6 million

The new CFO, Andrew Maleki, has a history of playing a key role in raising over $500 million in capital, which is a strong credential for this channel going forward. Also, a potential future funding source is the second tranche of the private placement, valued at $98.6 million, which is contingent upon FDA clearance of the SZN-8141 IND application.

Scientific publications and conferences

Disseminating data through peer-reviewed channels and industry conferences is how Surrozen, Inc. validates its science and attracts future partners or investors. This channel is active, especially around pipeline milestones.

Key recent and near-term communication events include:

• Presentation at Eyecelerator (American Academy of Ophthalmology Meeting) on October 16, 2025.
• Scheduled presentation at the Ophthalmology Innovation Source (OIS) conference on November 22, 2025.
• Patent issuance in May 2025 for its SWAP™ technology, U.S. Patent No. 12,297,278.

This scientific output directly supports the perceived value of the assets being advanced through the clinical trial channel.

Surrozen, Inc. (SRZN) - Canvas Business Model: Customer Segments

You're looking at the core groups Surrozen, Inc. (SRZN) needs to satisfy to get its Wnt-modulating ophthalmology pipeline, like SZN-8141 and SZN-8143, to market. This isn't just about patients; it's about the entire ecosystem that funds, validates, and eventually delivers the therapy.

Large pharmaceutical companies seeking novel regenerative assets

This segment is critical for validation, co-development, and future commercial reach, especially given Surrozen, Inc.'s focus on platform technology (SWAP™) and specific indications. The value here is in de-risking the pipeline through established partners.

The collaboration with Boehringer Ingelheim (BI) for SZN-413 is the prime example of this segment engagement. The financial structure of that deal gives you a clear picture of the potential value exchange:

Deal Component	Amount/Terms
Upfront Payment to Surrozen, Inc.	$12.5 million
Potential Success-Based Milestones (Total)	Up to $586.5 million
Royalties on Sales	Mid-single digit to low-double digit

Also, note the recent addition of Andrew Maleki as Chief Financial Officer (CFO), who previously played a key role in raising over $500 million in capital, suggesting a strong focus on structuring future deals with this customer segment.

Patients with severe retinal vascular diseases (wet AMD, DME)

These are the ultimate end-users, defined by their specific, high-unmet-need conditions. Surrozen, Inc. is targeting patients suffering from conditions where the current standard of care is showing limitations.

The specific patient populations targeted by the lead candidates, SZN-8141 and SZN-8143, include:

• Patients with neovascular Age-Related Macular Degeneration (wet AMD).
• Patients with Diabetic Macular Edema (DME).
• Patients with Uveitic Macular Edema (UME).

The current standard of care for wet AMD and DME involves intravitreal administration of anti-VEGF monotherapies. Surrozen, Inc.'s SZN-8141 combines Fzd4 agonism with VEGF antagonism, aiming for benefits over these single-agent treatments. Furthermore, Fzd4 monotherapy has already demonstrated proof of concept in DME clinical trials, which validates part of the mechanism for this customer group.

Institutional and accredited investors funding the pipeline

This group provides the necessary capital to fund the expensive journey through clinical trials. Their confidence, demonstrated through investment terms, is a key metric for Surrozen, Inc.'s operational runway.

The company secured significant backing in 2025 to advance its ophthalmology programs through Phase 1 studies. Here are the key financial markers for this segment as of late 2025:

• Total gross proceeds from the March 2025 private placement: $175 million.
• Initial closing proceeds from the March 2025 financing: approximately $70 million.
• Second tranche contingent funding: roughly $105 million, tied to the SZN-8141 Investigational New Drug (IND) application clearance, anticipated in 2026.
• Cash and cash equivalents as of September 30, 2025 (Q3 2025): $81.3 million.
• Total number of institutional investors: 15.

Venrock was the lead investor in the latest funding round held on March 24, 2025.

Clinical investigators and retina specialists

These professionals are essential for designing, executing, and interpreting the clinical trials (Phase 1 studies for SZN-8141 and SZN-8143). They are the gatekeepers for generating the human data needed to attract the next tier of pharmaceutical partners.

Surrozen, Inc. has actively engaged this segment by strengthening its leadership and advisory structure:

• Appointment of Daniel Chao, M.D., Ph.D., as Vice President and Head of Clinical Development in July 2025.
• Dr. Chao brings over 15 years of experience in ophthalmic research and drug development.
• Surrozen, Inc. formed a Clinical Advisory Board comprised of leading retina specialists.

The company is on track to submit the IND application for SZN-8141 in 2026, which will directly engage the clinical investigator segment for trial execution.

Surrozen, Inc. (SRZN) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Surrozen, Inc.'s operations as of late 2025. For a clinical-stage biotech focused on the Wnt pathway, the cost structure is heavily weighted toward discovery and development. Honestly, these numbers show where the cash is going to push the ophthalmology pipeline forward.

High Research and Development (R&D) expenses represent the largest component of operational burn. For the third quarter ended September 30, 2025, Surrozen, Inc. reported R&D expenses of $7.8 million. This was a significant jump from $5.2 million in the same period in 2024. Total operating expenses for the quarter reached $11.9 million.

The primary cost drivers within R&D are directly tied to advancing the lead candidates, SZN-8141 and SZN-8143, for retinal diseases. You see the impact of this focus clearly in the quarter-over-quarter changes:

• Increased manufacturing costs, lab expenses, and consulting fees for ophthalmology programs accounted for a $2.7 million increase in R&D spend.
• Employee-related expenses within R&D also rose by $0.6 million.
• This spending was partially offset by a $0.8 million decrease in clinical expenses following the discontinuation of clinical development for SZN-043.

Clinical trial and manufacturing costs for ophthalmology programs are embedded within that R&D surge. The company is preparing for an Investigational New Drug (IND) application submission for SZN-8141 in 2026, which requires substantial investment in producing clinical trial materials and running associated lab work. The cost structure reflects this pre-IND push.

General and Administrative (G&A) expenses also saw an uptick. Surrozen, Inc. recorded G&A expenses of $4.1 million in Q3 2025, up from $3.6 million in Q3 2024. This increase was mainly attributed to higher professional service fees. This category covers the overhead needed to run the company, including finance, legal, and executive functions.

Personnel costs for specialized scientific and management teams are a key part of both R&D and G&A. The $\mathbf{\$0.6 \text{ million}}$ rise in R&D employee costs is one direct measure, but the overall team expansion, including the appointment of a new Chief Financial Officer, Andrew Maleki, contributes to the G&A professional service fee increases. The company is building out the team to drive enterprise execution.

Intellectual property filing and maintenance fees are a necessary, ongoing cost for any biotech protecting its Wnt-modulating assets. While Surrozen, Inc.'s specific Q3 2025 IP payment isn't itemized, you know these costs are subject to the latest fee schedules. For instance, the USPTO fee schedule changes effective January 19, 2025, show the underlying cost environment for patent protection. Here's a look at how some utility patent fees for large entities changed in 2025, which Surrozen, Inc. must budget for:

Fee Type	Approximate 2025 Large Entity Fee
Utility Patent Search Fee	$770
Utility Patent Examination Fee	$880
Request for Continued Examination (First RCE)	$1,500

If you file continuations late, there are new surcharges, like a $2,700 surcharge if filed 6 or more years after the earliest priority date. These figures illustrate the baseline expense for maintaining and expanding the patent estate supporting Surrozen, Inc.'s platform.

Finance: draft 13-week cash view by Friday.

Surrozen, Inc. (SRZN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Surrozen, Inc.'s operations as of late 2025. For a clinical-stage biotech, the revenue streams are often a mix of near-term operational income and significant, but contingent, partnership economics. Honestly, the day-to-day cash flow from services is small compared to the potential upside from their pipeline success.

Let's break down what Surrozen, Inc. is actually booking right now versus what's sitting in the option pool, based on their Q3 2025 results and recent financing activity. The operational revenue for the third quarter ended September 30, 2025, was quite focused. Collaboration and License Revenue was actually zero for the quarter, which is a change from Q3 2024 when they recognized a milestone payment from Boehringer Ingelheim International GmbH.

Here's a quick look at the realized revenue components for Q3 2025:

Revenue Component	Q3 2025 Amount	Source/Context
Research Service Revenue (Related Party)	$1.0 million	Driven by collaboration with TCGFB, Inc. for TGF-β antibodies.
Interest Income on cash reserves	$1.0 million	Result of an increase in cash and cash equivalents.
Total Realized Revenue (Q3 2025)	$2.0 million	Sum of the two above operational streams.

To be fair, the cash position as of September 30, 2025, stood at $81.3 million, which is what generates that interest income, though it was down from $90.4 million at the end of Q2 2025. This cash base was recently bolstered by a significant financing event in March 2025.

The potential, contingent revenue streams are where the big value is locked in. These are tied directly to the success of their drug candidates advancing through development and, eventually, commercialization. You've got to keep these separate from the current operating income.

The major partnership with Boehringer Ingelheim (BI) offers substantial future payments:

• Future milestone payments (up to $587.0 million from BI) for SZN-413 and other Fzd4-specific Wnt-modulating molecules.
• Potential future royalties on partnered product sales, expected to be in the mid-single digit to low-double digit range on net sales.

Furthermore, Surrozen, Inc. secured significant capital through a private placement in March 2025, which provides runway for their ophthalmology programs. While the first tranche raised approximately $76.4 million, the second tranche remains a key potential inflow:

• Proceeds from second private placement tranche (up to $98.6 million), contingent on FDA clearance of an Investigational New Drug Application by October 31, 2026.

The company secured $71.2 million in net proceeds from the private placement to fund its ophthalmology programs, which is a critical, near-term funding source that supports operations until the next major milestone is hit. Finance: draft 13-week cash view by Friday.